No More Dollar Trade: 'Friends' India & UAE Sign Pact To Trade In Rupee And Dirham

India and the UAE signed a currency pact on Tuesday that allows both the countries to conduct trade in their own currencies by eliminating a third benchmark currency like the U.S Dollars.

Now, India will trade in Rupees while UAE in dirham for businesses. Indian External Affairs Minister Sushma Swaraj as part of her two day visit to the middle east held exhaustive discussions with her counterpart Abdullah bin Zayed Al Nahyan to step up cooperation in areas like trade, security and defence, PTI reported.

The second agreement was aimed at undertaking developmental projects in Africa. Swaraj co-chaired the 12th session of the UAE-India Joint Commission Meeting with Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan held at the ministry's headquarters in Abu Dhabi.

The two countries also decided to combat terrorism and strengthen bilateral ties on the basis of mutual respect and trust. UAE is not only home to 3.3 million-strong Indian community but is also the sixth largest source of Indian oil imports.

PTI reported that Swaraj along with UAE foreign minister also inaugurated a Gandhi-Zayed Digital Museum in Abu Dhabi to mark the celebrations of 150 years of Mahatma Gandhi's birth and centenary celebrations of the birth of Sheikh Zayed, founder of the modern UAE.